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Cryptocurrency News Articles
Bitcoin Dominance Vs. Ethereum Up 6% In 2024: Altcoin Season Might Be Here
Sep 22, 2024 at 11:00 pm
Bitcoin (BTC), the largest cryptocurrency by market capitalization, is one of the best-performing digital assets so far in 2024.
As the year unfolds, revealing new market dynamics, surprising trends, and shifts in the crypto landscape, let's delve into the latest updates.
Fresh from the IntoTheBlock report, we have an intriguing observation: Bitcoin is pulling away from the competition in 2024. The platform's analysis reveals a 6% gain in BTC's dominance over Ethereum and stablecoins in the year so far.
This news comes as no surprise, especially considering the recent developments. While both cryptocurrencies experienced a rocky ride in the last two quarters, with moments of enthusiasm followed by relative stagnation, BTC managed to maintain its lead.
This disparity is further highlighted by the varying performances of spot exchange-traded funds (ETFs) for BTC and ETH. While the ETFs tracking Bitcoin amassed a substantial capital of around $18 billion in eight months, the ETH ETFs faced a different fate.
After their introduction in late July, these funds encountered net outflows, a trend that might be linked to investors favoring BTC due to its relative stability in the market.
This preference ultimately contributed to a broader shift in the crypto market landscape, with BTC asserting more dominance over other assets.
Meanwhile, a renowned crypto analyst on X shared an exciting prediction regarding Bitcoin dominance and altcoins in the present market cycle.
Crypto analyst Ali Martinez took to X to elaborate on a scenario where the current BTC dominance might be concluding, paving the way for an altcoin season. This analysis is based on technical patterns forming on the BTC dominance and total market cap (excluding top 10 assets) charts.
According to Martinez's analysis, the BTC dominance on the weekly chart might be preparing for a trend reversal due to a rising wedge chart pattern formation. In contrast, the altcoin market cap on the three-day chart seems to be breaking out of a falling wedge pattern.
To provide some context, a wedge in technical analysis is a pattern characterized by converging trend lines on a price chart. A rising wedge, typically seen in an uptrend, is a bearish pattern that suggests an impending breakout reversal.
On the other hand, a falling wedge is usually associated with a bullish breakout.
In his post, Martinez highlighted that “altcoin season is just around the corner,” especially with the BTC dominance chart hinting at a potential trend reversal and the altcoin market cap poised for a bullish breakout.
At the time of writing, the total market cap excluding assets in the top 10 stood at around $213.814 billion.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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